Ashland Water Technologies plans $1.62 billion of debt for buyout

By Sara Rosenberg

New York, Feb. 24 - Ashland Water Technologies has received a commitment for up to $1,615,000,000 of debt financing to help fund its roughly $1.8 billion purchase by Clayton, Dubilier & Rice from Ashland Inc., according to an 8-K filed with the Securities and Exchange Commission on Monday.

Other funds for the transaction will come from up to $400 million of equity.

Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch, Goldman Sachs Bank USA, Macquarie Capital (USA) Inc., Nomura Securities International Inc. and RBC Capital Markets are the lead banks on the financing.

Closing is expected by Sept. 30, subject to regulatory approvals, standard conditions and completion of required employee information and consultation processes.

Ashland Water Technologies is a supplier of specialty chemicals for process, functional and water treatment applications.

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